Toll advances plans for new Dumbo tower

Toll Brothers Inc.'s plans to build a new condo development in Dumbo is moving along. The developer will be meeting with the landmarks committee of Community Board 2, which oversees that part of Brooklyn, on Wednesday to formally reveal its plans for the building.

The proposed 10-story residential building will have 67-units. The tower's height, which could reach 12 stories, drew some criticism from the Dumbo Neighborhood Association. The building will be located on the now-vacant site once occupied by the Brillo soap pad factory, in a portion of what has been designated as the Dumbo historic district. Therefore, the developer needs approval from the city's Landmarks Preservation Commission before it can proceed. Toll will be meeting with the Landmarks Commission on April 6, and hopes to receive the green light by May, according to David Von Spreckelsen, a senior vice president at Toll.

“Besides Brooklyn Heights, this is the only desirable place in Brooklyn where we would want to do a project now,” said Mr. Von Spreckelsen, adding that, unlike neighborhoods like Brooklyn's Williamsburg and Long Island City in Queens, there is little inventory in the Dumbo area. He added that recent resales of existing condos in the neighborhood have been between $800 and $1,200 per square foot.

Toll bought the vacant lot at 205 Water St. for $100 per square foot two days before Christmas. If the developer receives approval from Landmarks in May, it plans to begin construction by the end of the year. According to Mr. Von Spreckelsen, the new condo could be open for sale as soon as spring 2011, if everything proceeds as planned.

The developer could build as high as 12 stories but because of concerns from residents, Toll decided to go only up to 10 stories, Mr. Von Spreckelsen said. The new building will be less than 100 feet tall.

Crain’s New York Business is the trusted voice of the New York business community—connecting businesses across the five boroughs by providing analysis and opinion on how to navigate New York’s complex business and political landscape.